This is one you need to read to appreciate the breadth of the problem here. SITA, which is headquartered in Switzerland, settled 9256 violations of the Global Terrorism Sanctions Regulations for $7,829,640 – or more then three times the $2,428,200 it took in for the violating transactions. Simply put, SITA […]
U.S. Department of State Concludes $10 Million Settlement of Alleged Export Violations by Airbus SE MEDIA NOTE OFFICE OF THE SPOKESPERSON JANUARY 31, 2020 Share The Department of State reached an administrative agreement with Airbus SE to resolve the alleged civil violations of the Arms Export Control Act (AECA), 22 […]
AUSTRAC applies for civil penalty orders against Westpac 20 Nov 2019 AUSTRAC, Australia’s anti money-laundering and terrorism financing regulator, has today applied to the Federal Court of Australia for civil penalty orders against Westpac Banking Corporation (Westpac). The civil penalty orders relate to systemic non-compliance with the Anti-Money Laundering and […]
Sub.: Summary of Order-in-Original No. 11/DIR/FIU-IND/2019 in the matter of Nagarik Sahakari Bank Ltd., Bhiwandi -reg. In order to assess the compliance of Nagarik Sahakari Bank Ltd., Bhiwandi (the Bank) with regard to its obligations under the Prevention of Money Laundering Act, 2002 (the Act) and the Prevention of Money […]
The settlement of $1,125,000 is for 36 apparent violations of the Burmese Sanctions Regulations between 2011 and 2014. The value of the transactions was $1,796,400, while the base penalty of $4,500,000 was half of the statutory maximum because, although these violations were egregious, they were voluntarily self-disclosed. Here is some […]
Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Park Strategies, LLC 1/21/2020 The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced that Park Strategies, LLC (“Park Strategies”), a lobbying firm located in New York, New York, has paid […]
Allianz agreed to pay $170,535 for 6474 voluntarily self-disclosed, non-egregious apparent violations of the Cuban Asset Control Regulations (CACR), reduced from a base penalty of $270,690.90. Here is the narrative of what Allianz did: Between August 20, 2010 and January 15, 2015, AGR Canada fronted travel insurance policies that included […]
Simply put, Chubb Corporation merged with ACE Limited, and one of ACE’s subsidiaries was subject to US jurisdiction (because one of its parents was incorporated in the US). And that subsidiary apparently violated the Cuban Assets Control Regulations(CACR) 20,291 times. The huge bulk of these were premium payments for Cuba-related […]
U.S. Department of State Concludes $1,000,000 Settlement of Alleged Export Violations by AeroVironment, Inc. MEDIA NOTE OFFICE OF THE SPOKESPERSON NOVEMBER 20, 2019 Share The Department of State has concluded an administrative settlement with AeroVironment, Inc. (AV) of Simi Valley, California, to resolve alleged violations of the Arms Export Control […]
Apple paid $466,912 for non-egregious, self-reported violations of the Kingpin Act, as opposed to the base penalty amount of $576,434 and the maximum civil monetary penalty of $74,331,860. Turns out they had a developer company in the App Store who was an SDN, and whose account administrator was, too – […]
